The author is a Forbes contributor. The opinions expressed are those of the writer.

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reported its December quarter results and gave March quarter guidance after the market closed on Tuesday. There were enough data points for the Bulls and Bears to support their case. The Bulls will tend to focus on the December quarter which overall was above expectations going into the report and the long-term outlook while the Bears will focus on the March quarter guidance and June outlook. (Note that I own Apple shares).

Besides releasing its December quarter results and March quarter guidance Apple announced that there are now 1 billion active iPhones, iPads, Macs, iPod touches, Apple TVs and Apple Watches that have been engaged with its services within the past 90 days. And this install base grew 25% over the past year.

The Bulls will like the 8% constant currency results and say not bad given the very hard compare to last year. The Bears will point to revenue only increasing 1.7% year over year and not being able to exceed the top-end of guidance like it normally does.

Gross margin were essentially in-line with guidance

Apple’s gross margin of 40.1% was above the high-end of Apple’s guidance of 39.0% to 40.0% but 40 basis points was due to a one-time $548 million patent payment for a net of 39.7%.

The Bulls will point to steady gross margins in the face of currency and currency hedges not being as much of a benefit.